Statutory Audit
A Statutory Audit is a vital requirement mandated by law to ensure the accuracy and transparency of a business's financial records. Unlike internal audits, which are optional and conducted for internal purposes, Statutory Audits are obligatory and must be performed if a business meets specific criteria. These audits are carried out by qualified and independent Chartered Accountants to provide a true and fair view of the business's financial statements to regulators and the public. The auditors are required to present their findings in the format prescribed by the regulatory authorities.
Contact us today to learn more about our Statutory Audit services and how we can assist your business in achieving financial transparency and compliance.
Audits Mandated by Statutes are as follows:
Companies Act, 2013 In accordance with the regulations, every company is obligated to undergo a statutory audit, regardless of whether the company has conducted any transactions or not. This requirement ensures that even companies with no financial activities maintain proper accounting practices and present an accurate financial picture.
In the case of Limited Liability Partnerships (LLPs), an audit is mandatory if the LLP has an annual turnover of Rs. 40 lakhs or more, or a capital contribution of Rs. 25 lakhs or more.
At NSRM, we understand the importance of complying with statutory audit requirements. Our team of qualified auditors specializes in conducting thorough and comprehensive audits, following the guidelines and standards set by the regulatory authorities.
By engaging our professional services, you can rest assured that your company will meet its statutory audit obligations. Our experienced auditors will carefully examine your financial statements, records, and other relevant documents to provide an unbiased assessment of your company's financial position.
We are committed to delivering accurate and reliable audit reports that not only meet regulatory requirements but also provide valuable insights and recommendations for improving your financial management practices. Our goal is to help your company enhance its transparency, integrity, and compliance, ultimately contributing to its long-term success.
Whether your company is small or large, active, or dormant, our dedicated team will tailor our audit services to meet your specific needs. We strive to build long-term relationships with our clients by providing exceptional service, professional expertise, and timely completion of audits.
Contact us today to discuss your company's statutory audit requirements and how our team can support you in meeting your compliance obligations.
Income Tax Act, 1961 Under the provisions of Section 44AB of the Income Tax Act, 1961, all business organizations engaged in commercial activities are required to undergo a tax audit if they meet certain specified conditions. At [Your Company Name], we specialize in providing comprehensive tax audit services to ensure your business remains compliant with tax regulations.
Our team of experienced tax auditors understands the complexities of tax laws and regulations. We work closely with your organization to gather and examine the necessary financial records, statements, and other relevant documents to conduct a thorough tax audit. Our aim is to ensure accurate reporting of your business transactions and adherence to the prescribed tax laws.
GST Audit Our professional team at [Your NSRM offers comprehensive GST audit services to ensure your organization's compliance with GST regulations. We assess your GST transactions, verify returns, and reconcile input tax credits. With our expertise, you can achieve GST compliance and gain valuable insights for process improvement.
Contact us today for reliable and timely GST audit solutions.
If the annual turnover of a registered taxpayer is more than Rs.2 crore* in a financial year, he is required to get his accounts audited by a Chartered Accountant or Cost Accountant every year.
* For businesses with an annual turnover of less than Rs 5 crore, filing of GSTR-9C up to FY 2019-20 is waived off via various CBIC notifications. The applicability of GST audit by CA/CMA is to be removed from the financial year beginning from 1st April 2021 onwards, as per the Finance Act, 2021. However, it is yet to be notified as on 11th June 2021.